Intesa Sanpaolo, Italy’s largest bank by assets with a market capitalization of approximately $73 billion, has made its debut in the cryptocurrency market, acquiring 11 BTC for over $1 million, according to a Reuters report.
The bank confirmed the purchase on January 13, 2025, through an internal communication that stated, “As of today, Intesa Sanpaolo owns 11 bitcoins.” This move comes after Intesa established a proprietary trading desk and engaged in spot trading for various cryptocurrencies in recent years.
Following the announcement, Intesa Sanpaolo’s stock price rose by more than 2% on Tuesday, reflecting growing investor confidence.
Bitcoin (BTC) itself has seen a slight recovery, trading above $96,500 after falling more than 5% on Monday, hitting a low of around $89,400.
About The Author
More Stories
Bitcoin steadies near $84K, but a loss of support could open the door to $70,000.
Crypto equities fall amid plunging spot volume and Bitcoin slipping under $84K
Dogecoin falls 7% as Bitcoin volatility spurs caution among memecoin traders.